DECEMBER 2017
LEGAL ANSWERS ALL THE ANSWERS TO YOUR LEGAL QUESTIONS
chicagotaxteam.com | (312) 664-6649 |150 N Michigan Ave #1120, Chicago, Illinois 60601
AHALLOWEENTRADITION The Story of the Hot Dog Stand
My family moved into my grandmother’s house on a busy street in Chicago, next to Jim and his family, 15 years ago. When Halloween rolled around that year, we realized that our street was so busy it deterred trick-or-treaters. My grandmother used to buy candy every year, hoping children would stop by, but to no avail. Jim’s oldest was 10 at the time, and in order to make Halloween memorable for my kids and niece and nephews, I started a hot dog stand. It became a family gathering place, and as the kids got older, they would invite their friends to stop buy while trick-or-treating. Over the years, the stand has snowballed, and now we serve tons of kids each year. My kids and their cousins are grown up, but the legacy of the hot dog stand continues.
"My kids and their cousins are grown up, but the legacy of the hot dog stand continues."
This year, I gave out around 150 hot dogs. The kids love it, and I’ve become something of a legend! As the stand has gotten bigger, we have decided to set up tables and chairs. That way, the kids can sit and eat before they get back to trick-or- treating. From the grill, I got to watch my children and their friends grow. Now I can meet new kids and watch them mature too. We live very close to the school, and there is only one class per grade. So when the kids start showing up, I turn to Theresa and say, “Oh man, here come the fourth graders!”and so on, until every class has come and gone. What started as a family tradition has grown into a community event. I love listening to the kids rave about the hot dogs and see how much fun they have stopping by every year. It’s heartwarming to know they appreciate our fun spin on trick-or- treating. Even though our kids are grown, I plan on manning the stand for many years to come.
–Steven Leahy
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TAX HELP KNOWS NO DISTANCE Talk to Your Lawyer From Anywhere With Online Meeting Rooms
When you're struggling under the weight of having the IRS on your back, the last thing you need is to deal with salespeople. Unfortunately, when you reach out to most tax attorneys for help, you often end up on
even if you can’t physically come to the office. Don’t have a webcam? No problem! We can send you a new webcam to use for the
video conference so you and your attorney can speak face-to-face. With online meeting rooms, we’ve been able to help clients who live out of state, have busy schedules, or just want to avoiding driving to downtown Chicago.
the phone with someone who won’t let you even talk to the attorney until you agree to buy something. That’s not the kind of backward "customer service" you’ll find at the Law Office of Steven H. Leahy. Here, you are always invited to speak with and ask questions of attorney Steven H. Leahy, no matter where you live. We call ourselves the Chicago Tax Team— in fact, our website is literally chicagotaxteam.com— but this doesn’t mean we can only help residents of Chicago. We’re equipped to extend our services to people well beyond the state of
If you know someone who needs tax help outside of Chicago, don’t let them struggle to find a reliable attorney just because of where they live. It doesn’t matter if you're a Chicago native or if you live across the country. When you have IRS problems,
the Law Office of Steven A. Leahy can help! Call (312) 664-6649 and
schedule an in-person or online appointment to discuss your tax struggles today.
Illinois and have worked with clients as far away as New York and California! For years, we’ve been able to meet with clients by video conferencing through online meeting rooms.
Over the years, we’ve integrated essential technology into our office so you’re able to discuss your problems, review paperwork, and look your attorney in the eye,
3 of 2018’s Most Futuristic Gadgets
A TV That Generates SoundWith Its Screen Yeah, yeah — yet another newer, bigger, shinier TV. Big
Along with a collection of short-lived resolutions, each new year brings a variety of wild innovations. Here are a few of the coolest new gadgets predicted to hit the scene in 2018. A Microwave That Doubles as a Flash Fridge For a couple of years now, the Spanish-Korean company Frigondas has been developing a microwave-esque device that cools your foods as quickly as it warms them up. Freeze fresh food for immediate storage, or reheat your leftovers and enjoy them with a freshly chilled beer — all courtesy of the same machine. sound system, and an optical motion-tracking system powered by 10 separate cameras, Cave2 is half virtual reality and half insanely futuristic whiteboard. After donning a pair of 3-D glasses, users (namely scientists and engineers) can fully immerse themselves in whatever they want, whether it’s a visualization of data that describes our solar system or, as exhibited in a recent demonstration, a model of Chicago, complete with real-time crime data. A ‘Hybrid Reality Environment’ From Science Fiction Composed of 72 LCD panels, a 20-speaker immersive surround
deal, right? At first glance, Sony’s new 65-inch Bravia A1E television looks just like any other high-end display. HDR technology, 4K resolution, and OLED display round out the list of standard buzzwords, but one look at the massive TV reveals an entirely different beast. Instead of being mounted on the wall or sitting on an ordinary vertical TV stand, the new Bravia TV comes equipped with a stand that leans on the floor. There’s no visible border. The processor and other essential components are all housed in the back unit. But what’s really interesting about this TV is the way it generates sound. Examining the unit, you’ll discover there’s not a single speaker. Instead, Sony has equipped the screen itself with four actuators that turn the entire screen into a sound-emitting device — a new technology called “Acoustic Surface.”
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About a year ago, I received a call from a business owner and his accountant. They wanted information about some large cash payments the business had received 18 months prior, and they thought I could help them out. I immediately shut down the conversation and insisted they come to my office if they wanted to discuss this matter with me. What they were discussing possibly involved illegal activity regarding Form 8300, which is not something you want to talk about in mixed company. Federal law requires all cash payments more than $10,000 must be reported to the IRS with Form 8300. This form must also be filed within 15 days after the date of the cash transaction. It must include the name, address, and TIN of the person from whom the cash was received, something the business owner had failed to do. After filing, you must furnish a written statement to each person from whom the cash was received. You must provide that statement on or before Jan. 31 of the year following the calendar year for which you filed Form 8300. It is also important to note the definition of "cash" includes cashier’s checks, bank drafts, traveler's checks, and money orders.
Failing to file Form 8300 may result in civil penalties, which can amount to millions of dollars and criminal penalties, which can include fines and prison time. Normally, criminal penalties apply to those who attempt to structure a transaction in such a way that it would seem unnecessary to file Form 8300. You are never allowed to help a customer structure a transaction to avoid the Form 8300 reporting requirement. Cash payments can cause big problems if they are handled carelessly. Often, compliances are hard to understand. When in doubt, get advice. Call the Law Office of Steven H. Leahy at (312) 664-6649 for all Form 8300 questions.
TRIVIA
MEMES Don't forget to listen to the IRS Radio Hour every SUNDAY AT 5:00 P.M. ON AM 560 THE ANSWER
1. Which was the first state in the United States to recognize Christmas as an official holiday? A. Maine
4. What is the name of Scrooge's dead business partner? A. JamesWillcot
Be the first to call with all the right answers and win FREE movie tickets!
B. Alabama C. Nebraska D. California
B. John Mantis C. Jacob Marely D. Jimmy Booth
2. Where in the world would you pay a tax on blueberries? A. Vermont B. Nova Scotia C. Maine D. Ontario
3. The first U.S. income tax was imposed to
help pay for? A. New roads B. Western expansion C. New schools D. Union Civil War efforts
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Phone: (312) 664-6649 chicagotaxteam.com 150 N Michigan Ave #1120, Chicago, Illinois 60601
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Our Halloween Hot Dog Success
Utilize Online Meetings
Cutting-Edge Tech for 2018
Cash Is King
Trivia
The Best Places for Donation Dollars
WhichCharity Should IDonateTo? At the peak of the holiday season, many Americans find
Meisenheimer, a certified financial planner. Calls can be a red flag, as charities who employ telemarketers are much less likely to receive the entirety of your donation. If you’re donating online, he also advises you to check that there’s a “https” at the beginning of the URL, which indicates a secure connection. But the best way to avoid shady scammers is to research the charity before you hand over your cash. One helpful resource is CharityNavigator.org, a charity-screening website where you can scrutinize a charity’s rating, spending habits, category, and much more. When examining a charity, they look for all kinds of red flags, such as if they spend more than one-third of their budget on administrative costs or if they aren’t forthcoming about their operations and expenditures. If you’re unsure of where to donate, check out their list of “Charities With Perfect Scores.” If you want to provide humanitarian aid, Direct Relief (DirectRelief.org) is a well-known charity, and it has a perfect rating of 100 on Charity Navigator. They provide medical treatment in resource-poor communities. If you’re more inclined to protect the environment, check out The Conservation Fund (ConservationFund.org), which seeks to preserve natural resources while fostering economic development in America. Education-minded donors should look up Sponsors for Educational Opportunity (SEO-usa.org), another organization with a perfect 100 from Charity Navigator. They strive to provide robust education for underserved communities. There are thousands of excellent charities to donate to, and many of them are probably right in your backyard.
themselves overcome by a spirit of generosity and goodwill. Many people go beyond finding the perfect gift for friends and family and give their time or money to a charitable organization, seeking to make the holidays a little better for those worse off than themselves.
But with thousands upon thousands of charities to choose from, how we do ensure our dollars are truly going to the best possible cause?
It may seem obvious, but it’s best not to hand your credit card info to an anonymous organization soliciting your aid. The IRS has little regulatory power over most charitable organizations since they don’t typically pay taxes. As a result, it’s all too easy to be defrauded.
“Never give a gift where you didn’t initiate the communication,” advises Tim
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